Federal changes to graduate lending have forced universities to reassess program economics and enrollment models. The 2025 law eliminated Grad PLUS for new borrowers and capped annual borrowing at $20,500 for most master’s programs, with a higher cap for programs formally designated as “professional.” That restriction removes prior borrowing flexibility many programs relied on to cover tuition and living costs. Experts warn the limits could hit health‑care pipelines hardest: nursing, clinical programs, and other intensive graduate tracks may find students unable to finance prolonged clinical training. Institutions are lobbying, reclassifying programs, and exploring alternative funding and workforce partnerships to prevent enrollment declines and staffing gaps in critical fields.